Philippines: Sisal Binder Market 2024

Sisal Binder Market Size in the Philippines

In 2022, after two years of growth, there was significant decline in the Philippine sisal binder market, when its value decreased by X% to $X. Overall, consumption, however, enjoyed a resilient expansion. As a result, consumption reached the peak level of $X, and then declined significantly in the following year.

Sisal Binder Production in the Philippines

In value terms, sisal binder production declined significantly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2019 with an increase of X,000%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

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Sisal Binder Exports

Exports from the Philippines

In 2022, shipments abroad of sisal binder or baler (agricultural) twines was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sisal binder exports soared to $X in 2022. In general, exports, however, faced a deep contraction. The most prominent rate of growth was recorded in 2019 when exports increased by X%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Canada (X tons) was the main destination for sisal binder exports from the Philippines, accounting for a X% share of total exports. Moreover, sisal binder exports to Canada exceeded the volume sent to the second major destination, Serbia (X kg), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada amounted to X%.

In value terms, the largest markets for sisal binder exported from the Philippines were Canada ($X) and Serbia ($X).

Among the main countries of destination, Canada, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average sisal binder export price stood at $X per ton in 2022, shrinking by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Serbia ($X per ton), while the average price for exports to Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (X%), while the prices for the other major destinations experienced a decline.

Sisal Binder Imports

Imports into the Philippines

In 2022, the amount of sisal binder or baler (agricultural) twines imported into the Philippines contracted to X tons, which is down by X% on 2021 figures. Overall, imports recorded a deep setback. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, sisal binder imports reduced sharply to $X in 2022. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of X%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the main sisal binder supplier to the Philippines, with a X% share of total imports. Moreover, sisal binder imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and South Korea (X% per year).

In value terms, China ($X) constituted the largest supplier of sisal binder or baler (agricultural) twines to the Philippines, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

In 2022, the average sisal binder import price amounted to $X per ton, with a decrease of X% against the previous year. Overall, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sisal binder import price increased by X% against 2019 indices. The growth pace was the most rapid in 2016 an increase of X%. The import price peaked at $X per ton in 2021, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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